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Manitoba's provincial payday loan legislation's effects are summarized below:
Net pay is a specific term which is calculated according to the following formula:
net pay = (MNI x 12) / 26
Where MNI means is the person's net income for the most recent previous calendar month in which the
person received income, calculated by adding all income received by the person from all sources during that month, minus all compulsory and voluntary deductions.
This calculation has the unfortunate consequence that people who are not paid on a semi-monthly schedule have wildly fluctuating maximum loan amounts, depending on whether they have 2 or 3 pay periods in a month (for those paid bi-weekly) or 4 or 5 periods in a month (for those paid weekly).
In addition, all payday loans in Canada are subject to federal legislation.
Resources for payday loans in Manitoba: